The cryptocurrency market is losing value with the Fed’s rate hikes and global inflation. However, this will not always be the case. As global economic indicators start to show positive signals, risk assets like crypto will again attract investors. However, there are also some altcoin projects that are giving bullish signals in the short term. According to the analyst, these could witness massive increases in value in October.
10 altcoins you should watch in October
As Bitcoin continues its efforts to hold onto $19,000 after its decline last week, an analyst shared 10 altcoins to watch in October. According to him, these cryptocurrencies have the potential to witness big rises in October. The analyst’s list consists of 5 derivative tokens and 5 liquidity tokens. Let’s take a look at the use cases of these tokens.
Nemesis DAO (NMS)
Built on Binance Smart Chain, Nemesis DAO is a decentralized finance protocol. The native token of this platform, NMS, powers the protocol. It is backed by a variety of assets, including NMS, BUSD, and liquidity pairs. Nemesis DAO brings different dynamics to the DeFi market through bonding and staking. Nemesis DAO’s treasury consists of liquidity generated by staking and bonding options. Altcoin NMS maximizes profits for DeFi investors by controlling liquidity.
Hector Network (HEC)
Hector Network is a sizable decentralized network powered by the TOR stablecoin and powered by the HEC token. The bond between HEC and TOR is unusual. Some of the cryptocurrencies used to print TOR were originally used to purchase HECs on the open market. In addition, these tokens were later burned. Thus, it caused HEC to become a deflationary token. Focusing on creating Web3, this project constantly reduces the supply of altcoins by mining TOR. In this way, it increases the value of the token.
Olympus is algorithmic currency protocol. Accordingly, it aims to establish itself as a secure crypto-native account unit. OHM, the native token of this platform, provides its value through reserve assets such as DAI. So it’s more like a central bank currency than an algorithmic token. By the way, it is not fixed at a certain price, even if OHM is supported. In other words, the altcoin does not work as a stablecoin like USDT. Instead, OHM is used to purchase DAI and other assets and manage the treasury.
Wonderland is a popular Olympus DAO fork. This liquidity protocol running on Avalanche Blockchain is a decentralized reserve asset platform. Its native token TIME supports different reserve assets such as Magic Internet Money and liquidity tokens. With this system adapted from OHM, TIME’s price never falls below a certain value. According to its website, Current DAO Treasury is $136 million. This reserve continues to increase with high-end asset management techniques.
Alchemix Finance (ALCX)
Alchemix Finance is a future-proof synthetic asset protocol and community DAO. The protocol provides improvements to various methods of yield farming through a synthetic altcoin. In the Alchemix protocol, ALCX represents any underlying collateral that the collateral depositing user must claim. This guarantee is recoverable. However, Alchemix promotes liquidity pools for synthetic assets. Thus, it allows users to instantly exchange their synthetic assets for real assets after receiving them.
DerivaDAO is a decentralized exchange (DEX) for derivatives on Ethereum. It provides features such as real-time price feed, fast trade negotiation, and a reasonable pricing structure. DDX token holders at DerivaDAO directly control and audit the platform. The Altcoin project basically aims to unify the trade and Blockchain space and fill the gaps in this area. It does this through a DEX that offers powerful features.
Tranchess is a yield-enhancing asset tracker released in June 2021. In other words, it offers various risk-return options. Tranchess provides a diverse risk/return matrix from a single core fund that tracks a specific underlying asset. Meanwhile, single-entity yield farming also incorporates many DeFi features such as borrowing, lending, trading.
Vega Protocol (VEGA)
Vega Protocol works as a derivative scaling layer for Web3, as we reported on cryptokoin.com. This specially designed PoS network enables the user experience of a centralized exchange when trading derivatives on a decentralized network. Meanwhile, VEGA, the network’s native altcoin asset, is used for network governance and staking. Accordingly, VEGA token gives its holders the opportunity to earn passive income and manage the protocol.
Ribbon Finance (RBN)
Ribbon creates products that are structured with sustainable yield through financial engineering. Ribbon’s first product makes it possible to achieve efficiency with automatic option techniques. Also, the Protocol allows developers to combine various DeFi variants. Thus, developers can produce randomly configured products. Structured products are financial instruments that make it possible to achieve a specific risk-return objective, including volatility, incremental return, or hedging of capital.
Mango combines the liquidity and availability of CeFi with the permissionless innovation of DeFi. Thus, it becomes a high-yield platform that requires much less cost. Mango provides futures, loans, margin trading and decentralized management to achieve this goal. This altcoin platform offers the opportunity to perform transactions extremely quickly and at zero expense. For this, it uses the Serum DEX, which is connected to the Solana network.